Countertop-maker Formica has filed for bankruptcy protection and said it would restructure its US operations.
The company has struggled through years of losses, overleveraging its balance sheet, and running out of cash.
Formica, one of the world's top suppliers of surfacing materials, said it had reached agreement with its secured lender bank group on a credit facility to support its continuing operations.
Formica's owners include Credit Suisse First Boston Private Equity, Citicorp Venture Capital Ltd., and CVC Capital Partners Ltd.
In January, Moody's Investors Service downgraded its debt ratings on some of Formica's senior subordinated notes.
It followed an earlier downgrade in December when Moody's said the lowered rating reflected Formica's "seven consecutive years of losses, its excessive balance sheet leverage, thin interest coverage and negative tangible net worth and its constrained liquidity".